Popular Bank Provides $19M Construction Loan For Development Site In Gowanus
584 4th Avenue, Brooklyn, New York 11215, United States
$19,000,000
$485/SF
Building Size
39,130 SF
Asset Type
Development Site
Closing
Aug 10, 2022
AI
A development site in Gowanus, located at 584 4th Avenue, has been involved in a closed transaction. The property is a development site with a buildable square footage of 39,130. The loan provided by Popular Bank to Watermark Capital Group & Yoel Werzberger played a significant role in this deal.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $19,000,000
- Market: Gowanus
- Lender: Popular Bank - Claudette Sofair
- Landlord: Watermark Capital Group & Yoel Werzberger
Claudette Sofair from Popular Bank acted as the lender in this deal, providing a construction loan of $19,000,000. Watermark Capital Group and Yoel Werzberger represented the landlord side of the transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93